Chuck Schumer

I think that, in our judgment, one of the reasons it is so critical to move on financial regulatory reform this year is precisely that.

I have expressed publicly my admiration for the job that Ben Bernanke has done in managing this crisis with Secretary Geithner and others.

For myself, I feel strongly that an independent consumer regulatory agency can only work if these three problems are solved.

I believe critics are justifiably concerned that the new agency would at the end of the day be all about examining and regulating banking organizations.

We cannot have a safe and sound financial regulatory system that does not protect the consumer, particularly the unsophisticated.

To me, this is a terrible mistake. We are enshrining some institutions with such importance due to their size and interconnected characteristics that we are implicitly accepting the notion that our Nation's economic well-being is in their…

I agree with the Administration and many in Congress--notably Chairman Dodd--on the importance of protecting families against a repetition of the bad behavior that proliferated in recent years.

I share that view with my colleague, Alice Rivlin, who I think has testified to this Committee.

Community banks did not cause the crisis and they should not have to bear the cost or burden of increased regulation necessitated by others.

Mr. Chairman, I am deeply grateful.

I urge the Congress not to create a 'too-big-to-fail' category of financial institutions, directly or indirectly, either through the regulatory mechanism or by rule.

I think that was a big mistake and one of the things that got them into trouble.

I suggested further consolidation of bank regulators would make a lot of sense.

We don't need a super-regulator with many missions, but a single Federal bank regulator whose sole focus is the safe and sound operation of our Nation's banks.

That is a little bit of what we would say in Brooklyn is turf.

As you said, 54 out of the 69 banks that have failed this year were State chartered banks.

Look, I wouldn't deny there are arguments on the other side, but you would agree that these four arguments make some sense for a consolidated regulator?

We have all gathered here today with one common goal, to make our financial regulatory system strong enough to prevent another severe financial crisis from happening.

I didn't understand that. It just sort of happened, I guess.

It is clear that we need to end charter shopping, where institutions look around for the regulator that will go easiest on them.

A lot of the biggest failures were under not Mr. Bowman, I don't blame him, but his predecessor's watch.

There are reasons for one strong, powerful, efficient regulator, and I think people who are objective... tend to think that should happen in the banking area.

I do not have much time, and I cannot stay for a second round.

What Senator Schumer in his bill prescribes, however, is not appropriate, and that is that you create a separate committee to do that.

That is not a very good argument against my proposal.